CRYSTAL AMBER FUND LIMITED - Correction: Half-yearly Report
March 06 2014 - 9:00AM
PR Newswire (US)
The following amendment has been made to the 'Interim Results' announcement
released on 6 March 2014 at 07:00 hrs under RNS No 6314B. In the attachment to
the announcement released this morning, it was stated that the Post Balance
Sheet Events included the release on 5 March 2014 of the unaudited NAV of the
Company at 28 February 2014. The unaudited NAV was released on 6 March 2014.
Reference to this event has now been removed. All other details remain
unchanged. The full amended text is shown below.
06 March 2014
Crystal Amber Fund Limited
(the `Fund' or the `Company')
Interim results for the six months ended 31 December 2013
The Company announces its interim results for the six months ended 31 December
2013.
Highlights:
* Net Asset Value ("NAV") per share grew 17.4 per cent over the period and 30
per cent over the 2013 calendar year, or 30.4 per cent including the
dividend paid in August.
* NAV per share of 156.1p at 31 December 2013 (133.05p at 30 June 2013, 120p
at 31 December 2012).
* £26.5 million fundraising completed in August 2013 at a premium to NAV,
followed by an additional sale of 4.4 million Treasury shares in October
2013 at NAV, increasing the Fund's size by a further £6.7m.
* The share buy-back programme has continued and this has contributed to a
narrowing of the share price discount to NAV to an average of 2.7 per cent
throughout the period.
* Significant contributions to NAV performance from TT Electronics PLC,
Norcros PLC, Smiths News PLC and Thorntons PLC.
* New activist positions including Leaf Clean Energy Company and additional
investment in Hansard Global PLC.
* Active engagement on operating costs with Leaf Clean Energy Company and TT
Electronics PLC and on board composition with API Group PLC and Sutton
Harbour Holdings PLC.
* Cash and liquid resources amounted to more than £19.9 million, or 16.5 per
cent of total NAV as at 31 December 2013. Since then, a further £5 million
has been deployed to make further investments.
William Collins, Chairman, commented:
"I am pleased to report a strong performance of the Fund over the period and
2013 as a whole. Positive returns on our activism and the ongoing support of
shareholders have pushed the Fund above £100 million market capitalisation. As
we continue to engage with our main investee companies, our investments have
continued to deliver and we expect additional progress in 2014."
Enquiries
Crystal Amber Fund Limited
William Collins (Chairman) Tel: 01481 716 000
Sanlam Securities UK Limited - Nominated Adviser
David Worlidge/Simon Clements Tel: 020 7628 2200
Numis Securities Limited - Broker
Nathan Brown/Hugh Jonathan Tel: 020 7260 1426
Crystal Amber Advisers (UK) LLP - Investment Adviser
Richard Bernstein Tel: 020 7478 9080
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